Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : denison mines -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (224)	1/25/2001 11:41:50 PM
From: Lalit Jain	Read Replies (1) \| Respond to of 301

Denison Renegotiates Provisions Of The McClean Project Loan JANUARY 25, 2001 - 16:31 EST TORONTO, ONTARIO--Denison Mines Limited announced today that the loan agreement with Cogema Resources Inc. has been amended. The amendments provide for an extension of the term of the loan facility from December 31, 2002 to December 31, 2005, which is further extended to December 31, 2010 if a production decision on the Midwest project has been taken prior to the end of 2005. At the expiry of the term, the loan balance must be reduced by 20% per year and interest payments made monthly. As part of this agreement, Denison has the right to prepay any amount and redraw on 45 days' notice all such prepayments together with the interest, at bank prime plus 1%, not incurred as a result of all such prepayments. Denison prepaid $12 million in November 2000 as part of interim arrangements pending completion of the detailed amendments and thereby reduced the Company's interest costs while at the same time maintaining its access to these funds as it may require. The loan balance will be approximately $53 million on January 31, 2001 after applying receipts from all fourth quarter uranium sales. Denison is also pleased to announce that it has executed an agreement for Denison Environmental Services to perform all the services for the five closed mine sites of Rio Algom in Elliot Lake, Ontario. The agreement has an initial term of five years and includes all monitoring, effluent treatment, maintenance, data storage and reporting activities associated with the five closed mine sites. In Saskatchewan, the first oil well drilled in which Denison has earned a 50% interest is producing at 5 - 20 barrels of oil per day from a vertical section. Consideration of completing a horizontal leg into the producing zone is underway. Drilling of an exploration well in another prospect is commencing today. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Denison Mines Limited E. Peter Farmer President and Chief Executive Officer (416) 979-1991 Extension 231 www.denisonmines.com